Ministry extends prequalification phase for Kingdom’s first mineralized belts

Logo of the Ministry of Industry and Mineral Resources

The Ministry of Industry and Mineral Resources extended the deadline for the local and international firms interested in prequalification for exploration licenses in the Kingdom’s first mineralized belts, encompassing an area of 4,788 km².

The date was set from Oct. 7-31 as the deadline for submission, the ministry said in a statement.

The decision was taken as several companies sought more time to submit their applications. The ministry aimed at offering all investors a greater opportunity to participate in the competition.

The mineralized belts offered for competition include three exploration license areas in the Jabal Sayid belt, covering 2,892 km². These areas contain a range of base and precious metals, including copper, zinc, lead, gold, and silver. Additionally, two exploration license areas are available in the Al-Hajjar site located in the Wadi Shwas VMS Belt, spanning 1,896 km², which is rich in precious and base metals, including copper, zinc, gold, and silver.

The bidding process is marked by the highest standards of transparency and governance, following several stages. These stages begin with prequalification, followed by the submission of information memorandums, an invitation for bids and technical exploration work programs, as well as social and environmental impact plans. This will take place between Nov. 14 and Dec. 21, 2024. Winners will be announced on Jan. 14, 2025, the ministry added.

The extension aims to attract more investments and boost competitiveness in the mining sector. All relevant geological and technical data regarding the target belts have been made available on the Ta’adeen online platform to ensure equal opportunities for all competitors.

This step will increase spending on mining exploration in the Kingdom, enrich the national geological database with technical information, create new job opportunities, and promote sustainable economic growth. The ministry also reaffirmed Saudi Arabia's commitment to developing the mining sector in line with the highest global standards, including environmental sustainability and social responsibility.